A widely-followed crypto channel Coin Bureau outlines his expected price movements for Crypto.com and unveils his reasons for CRO continued upside potential.
Overview
Crypto.com offers a suite of crypto-related products and services, including trading, lending, borrowing, staking, DeFi, wallets, and payments.
The trader highlights that its most famous product is probably its metal crypto VISA debit cards, which provide instant cashbacks up to 8%, free Netflix, Spotify, Lounge Key entrance at airports, and so on.
Besides, there was no pre-sale, no public sale, and no ICO for CRO. In February this year, Crypto.com announced that it would be burning 70% of CRO’s supply accounting for almost all the company’s CRO holdings.
“This was the largest token burn in history by dollar value, and it was done in preparation for the mainnet launch of Crypto.com native blockchain, which happened at the end of March.”
CRO Price Analysis
CRO has been pumping for weeks and recently hit an all-time high of over $0.50. According to the trader, this rally really seems to have begun back in July, when Crypto.com announced its 175 million dollar marketing deal with the UFC.
And then, another pump happened in October when Crypto.com announced the launch of its global brand campaign featuring an advertisement titled quote “Fortune Favors The Brave.” starring famous actor Matt Damon.
“CRO’s price went parabolic in the days that followed, and this pump continued on the news that Coinbase would be listing CRO.”
Coin Bureau says that it was somewhat surprising given that CRO may be seen as a security in the eyes of the SEC. Put simply, it is more like a stock in a company rather than a currency or commodity.
CRO Price Potential
When it comes to CRO’s price potential, the crypto KOL highlights that its price tag can be deceiving. Even though CRO is less than 1 dollar, its market cap is more than 10 billion.
“This makes CRO a large-cap cryptocurrency, and it takes a lot of money to pump a large-cap cryptocurrency. Funnily enough, CRO could see these kinds of inflows from speculation alone as inexperienced retail traders think buying crypto means buying CRO.”
However, the trader says that Crypto.com’s brand recognition gives CRO a big edge over its competitors, especially other exchange tokens.
“CRO also has a lot of demand drivers due to its utility in the Crypto.com ecosystem.”
Now that CRO belongs to a blockchain with smart contract functionality, this additional dimension of demand makes the analyst believes that it would take CRO to $1 before the current crypto bull market is over.
Read more: